Philippines Medical Devices Industry Revenue is Expected to Reach Around USD 1,300 Million by 2023: Ken Research

GURUGRAM, India, 7 August, 2019: Growing Demand for Medical Consumables: Medical consumables market of Philippines is projected to experience high growth in future as several local manufacturers are entering into the market with their latest product offerings. In addition to this, the rising number of surgeries and improving healthcare conditions in the country is also anticipated to augment the consumables market. With the Philippine Health Insurance Corp.’s (Philihealth) mandate to cover 100% of the population, demand for quality, affordable and accessible healthcare will be on the rise. This will allow the private healthcare sector to collaborate with public counterparts in providing improved services to Filipinos which would impact the overall sales of the medical devices in positive manner.

Increase Demand for Imaging and Diagnostic Equipment: Rising prevalence of chronic diseases such as diabetes, cardiovascular diseases and cancer requires effective diagnostic equipment in the hospitals for accurate results thereby, boosting the market for imaging and diagnostic equipment. Moreover, high prevalence of diabetes is projected to impact 20% of the population by the year 2045. Aging population is going to impact the demand for orthopedic products and implants and assistive devices market in the positive manner. Rising number of geriatric population will complain about various orthopedic disorders such as arthritis, and osteoporosis, which will subsequently lead to more number of orthopedic procedures, hence elevating the market

Consumables market will experience growth during the future as many local manufacturers are entering into the market with their products. Additionally, the rising number of surgeries and improving healthcare conditions would consequently augment the need for consumables in the market.

Analysts at Ken Research in their latest publication Philippines Medical Devices Market Outlook to 2023 – Surge in Demand for Used/Refurbished Medical Equipments and New Healthcare Infrastructure Projects to Maintain Healthy Growthbelieve that the medical devices market in Philippines is projected to grow owing to factors such as increase in equipment demand for devices and centers for cancer in the country, increase in hospitals and clinics, increase in the number of deaths and increase in medical tourism. The market is expected to register a positive CAGR of 10.3% in terms of revenue during the forecast period 2018-2023E

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